Nakheel announces Azure Residences launch

Construction of project expected to begin by mid-2013, developer says

Azure Residences will have 170 one and two bedroom apartments available for sale.

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Nakheel, the Dubai based property developer, announced on Monday the launch of its Azure Residences project, a collection of beachfront apartments and dining outlets on the Palm Jumeirah.

Launched two weeks after the developer’s Club Vista Mare project sold out to investors, the project will include 170 one and two bedroom apartments and nine restaurants, including one with 360 degree water and city views.

Construction of the project is expected to begin in mid-2013 and completed within two years, Nakheel said. It will be built on the eastern shoreline at the base of the Palm’s trunk. The apartments will be spread over 10 floors, with 140 one bedroom residences and 30 two bedroom units. Prices start at $626,191 for the one bedroom apartments and from $1.14mn for the two bedroom units.

The residences have been designed to maximise energy efficiency and cost-effectiveness, with individual air-conditioning systems that residents pay for directly, as part of their utility payments, meaning lower monthly running costs.

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